I recently read the following blog from Claudette Millette and really thought it ranked as a good reblog so here it is! Thanks Claudette!
A new study came out this month which shows that a home's "walkability" can have a profound effect on its value.
The report, "Walking the Walk: How Walkability Raises Housing Values in U. S. Cities" by Joseph Cortright, was comprised of 94,000 real estate transactions in 15 major markets. In the study, it was determined that in 13 of the 15 markets, higher levels of walkability were directly linked to higher market prices.
Of the areas tested, the differences in property values for above average Walk Scores ranged from $4,000 to $34,000.
Apparently, even in this turbulent economy, there is a tangible value that can be assigned to convenience.
In the past, real estate value has been measured primarily by square footage, number of bedrooms, bathrooms and whether or not the home has a finished basement, a pool or other amenities. It's now becoming clear that consumers are also placing weight on how close they are to restaurants, schools, parks, shops and other destinations.
The fact that the price of gas has the potential to skyrocket is also part of the equation. The less we have to depend on our cars, the better off we are.
The program uses a Walk Score Algorithm, which works by calculating the closest amenities to any particular address. It then assigns a score from 0-100. A score of 100 indicates the best walkability - A score of 0 is the most car-dependent.
It's been known for some time that walking is good for our health. It may now also have an effect on our home's value.
Take it for test run. Walkscore.
Copyright 2009 - Claudette Millette, President,TheBuyersCounsel - 800-392-1446, E-mail
